01 / 05 · 核心判断
云增长强劲，现金与融资仍是首要约束
Oracle · 20260911研究观点 · 非投资建议
单位与术语说明
PRICE MAP / 估值与技术参照
价格与估值参照
假设情景价格早于财报；新信息机械比较，非业绩后市场定价。基准每股收益8.10×24，其余本报告情景；负自由现金流与融资风险未消失。
模型口径与限制
FY2027公司非GAAP每股收益及本报告情景×市盈率；用预付调整现金、债务和稀释检验，不在负自由现金流阶段强造现金流折现；09-10公司将FY2027收入表述更新为“至少90十亿美元”，非GAAP每股收益从8.05小幅调至8.10；不是分析师共识。只将基准每股收益跟随正式指引，保守6.50/乐观9.25及18/24/30倍保持不变。[16]；保守/乐观FY2027收入78/100十亿美元为本报告假设，基准以公司收入下限90为锚。新按市价发行计划（ATM）已完成20十亿美元，公司每股收益指引含其资本结构判断，情景每股收益不再重复减净债或人为第二次扣同一稀释。[16]；CNBC已获取片段列本季调整每股收益预期1.74、收入19.14十亿美元，实际1.92/约19.35高于该预期；无分析师数，亦未取到FY2028可靠预期分布，不拿新闻标题当全年共识。[19]；非GAAP排除股权激励费用/摊销/重组、当期资本开支不直接计入损益，FY2026 6.83正常化基数也不是股东现金。负过去12个月 自由现金流与客户预付显著限制市盈率的含义；倍数是本报告假设而非行业平均。[5][16][17]；价格/事件错位：152.94美元为09-10常规收盘，早于当日盘后财报；研究已纳入盘后实绩和新指引，以下估值只是“财报前价格×财报后信息”的机械比较，不代表市场已消化业绩，需用下一完整交易日重检。[16][20]；基准仅由旧193.20更新为194.40美元，差额1.20来自0.05美元每股收益指引×24；没有因为超预期或盘后叙事提升倍数。保守/乐观仍117.00/277.50，现金压力可使现实低于保守情景；Q1经营现金流和净债表面改善包含大额预付与股权融资，过去12个月 自由现金流仍恶化；低市盈率不能单独证明可分配现金或安全边际。[17]；价格/事件错位：152.94美元为09-10常规收盘，早于当日盘后财报；研究已纳入盘后实绩和新指引，以下估值只是“财报前价格×财报后信息”的机械比较，不代表市场已消化业绩，需用下一完整交易日重检。[16][20]；技术观察区间不是价值底线。
按价格等比例定位；灰线仅为价格刻度，蓝色标记为所示日期收盘价；均不表示买卖信号。观察区间不是保证支撑或压力；点击标记查看原报告口径与来源。
PRICE RATING / 本报告新增分析 · 20260911
五档价格评级
持有$152.94
现金预警·财报前价/财报后局部EPS情景 · 置信度：低2026-09-10 收盘 · 美元/股 · 非实时综合投资评级待补证；此处只显示限定模型内的价格档。边界敏感：接近 145.80（买入 / 持有；价差/边界值≤5%）。5%为作者提示线，非误差估计；小幅改假设就可能换档。现金预警·财报前价/财报后局部EPS情景：2026-09-10收盘152.94美元/股，四个边界93.60/145.80/174.96/222.00的五档内仅机械映射“持有”。综合投资评级待补证；仅在所述经营与现金前提持续成立时适用，不是完整投资评级或交易指令。
强力买入0 < P ≤ 93.60条件性价格档位
买入93.60 < P ≤ 145.80条件性价格档位
持有145.80 < P ≤ 174.96报告价格所在档
卖出174.96 < P ≤ 222.00条件性价格档位
强力卖出P > 222.00条件性价格档位
低价档以前提不变为条件；保守情景不是损失地板，基本面恶化须停用原档并重估。旧条件检查：收入新指引至少90>81，TTMFCF−28.720<-25；AND整体不成立，但原研究独立现金监控已经触发，必须现金重估，不能盲目延续持有。；ATM20已完成，不能继续称累计售股未知；预付11.363支持OCF不证明可持续回款，剔预付FCF−16.759。新EPS指引包含公司资本结构判断；担保3.3的9月到期结果、完整未来融资本金与新租赁余额仍缺，不能声称已融资安全或已违约。
P 为正数股价（美元/股）；边界归入左侧较低价格档。颜色对应文字评级，不代表涨跌预测；分币仅为计算显示精度，不是估值精度。
现金预警已触发、旧收入AND未全触发；8.10新EPS仅局部情景。财报前收盘配盘后信息，综合投资评级待补证。
为什么这样分档？查看计算、依据与失效条件
估值与判断依据
9月10日盘后FY27非GAAP EPS正式指引从8.05升8.10，基准8.10×24=194.40（旧193.20）；保守6.50×18=117.00、乐观9.25×30=277.50保持，0.80/0.75/0.90/0.80原因子不变。EPS为股权口径，不在其后重复扣净债或同一ATM稀释。现金预警已成立，只有修订后的局部盈利敏感性，不是完整可操作评级。
- 新Q1收入约19.35、非GAAP EPS1.92超旧指引；FY27收入至少90、EPS8.10取代旧假设。20十亿美元ATM已执行（净19.909），旧“5月后累计未核验”失效。Q1CFO23.103含预付11.363，剔预付FCF−16.759；TTMFCF−28.720及CapEx75.660触发现金监控，但收入90不满足旧≤81 AND现金<-25联合失效。9月10日152.94为当日盘后财报之前的常规收盘，即财报前价格/盘后新事实混合比较。（新报告证据路径：/valuation/basis/0, /valuation/basis/1, /financial_quality, /downside/triggers/1, /downside/triggers/2, /valuation/basis/4） 原报告依据 →
- 9月10日盘后FY27非GAAP EPS正式指引从8.05升8.10，基准8.10×24=194.40（旧193.20）；保守6.50×18=117.00、乐观9.25×30=277.50保持，0.80/0.75/0.90/0.80原因子不变。EPS为股权口径，不在其后重复扣净债或同一ATM稀释。现金预警已成立，只有修订后的局部盈利敏感性，不是完整可操作评级。 原报告依据 →
- 旧条件逐项复核：收入新指引至少90>81，TTMFCF−28.720<-25；AND整体不成立，但原研究独立现金监控已经触发，必须现金重估，不能盲目延续持有。；ATM20已完成，不能继续称累计售股未知；预付11.363支持OCF不证明可持续回款，剔预付FCF−16.759。新EPS指引包含公司资本结构判断；担保3.3的9月到期结果、完整未来融资本金与新租赁余额仍缺，不能声称已融资安全或已违约。 原报告依据 →
估值窗口：FY2027盈利窗口；FY2027Q1实绩已纳入，但152.94美元常规收盘早于9月10日盘后财报。未建立集团FCF转正日期或股价收敛期限。
失效后先重估，不是越跌越买
- FY2027收入指引削至81十亿美元或以下且FCF仍低于负25十亿美元，须重建盈利、资本开支、融资和股数后完整重评级。 本次核验[joint_condition_not_triggered_cash_branch_triggered]：收入新指引至少90>81，TTMFCF−28.720<-25；AND整体不成立，但原研究独立现金监控已经触发，必须现金重估，不能盲目延续持有。
- 客户信用/预付恶化或数据中心延期与低利用率出现，或融资不能覆盖FCF缺口及本金、ATM稀释超出原盈利情景，须全档重评，不能因跌价自动升级。 本次核验[funding_updated_bridge_unresolved]：ATM20已完成，不能继续称累计售股未知；预付11.363支持OCF不证明可持续回款，剔预付FCF−16.759。新EPS指引包含公司资本结构判断；担保3.3的9月到期结果、完整未来融资本金与新租赁余额仍缺，不能声称已融资安全或已违约。
买入档仅在基本面及模型前提持续成立时适用；跌价若来自盈利、偿债或经营能力恶化，应暂停使用原区间。卖出档不是做空指令。
四个边界如何计算
- 强力买入档上限：93.60 = 117.00 × 0.8。2026-09-11逐界复核：FY2027作者非GAAP EPS 6.50×18倍的保守情景117.00；沿用原作者折让20%（factor 0.80）：6.50美元保守EPS已计融资和股数压力，但尚无长期可分配FCF模型，需进一步缓冲刚性租赁、融资与交付尾部风险。 旧预警/范围限制未修复，本界仅为历史或局部坐标，不提供真实买入/持有资格。 基准变动只源正式EPS8.05→8.10，其他EPS和全部作者因子不变；预付支持的负FCF尚不允许完整评级。 查看估值依据
data/batches/20260911/006_Oracle.json#/valuation/rows/0/3 - 买入档上限：145.80 = 194.40 × 0.75。2026-09-11逐界复核：FY2027公司非GAAP EPS指引8.10×作者24倍的基准194.40；沿用原作者折让25%（factor 0.75）：基准是尚待兑现的公司指引，负FCF、净债和已执行ATM及后续资本需求并存，买入门槛采用比普通盈利模型更宽的基准折价。 旧预警/范围限制未修复，本界仅为历史或局部坐标，不提供真实买入/持有资格。 基准变动只源正式EPS8.05→8.10，其他EPS和全部作者因子不变；预付支持的负FCF尚不允许完整评级。 查看估值依据
data/batches/20260911/006_Oracle.json#/valuation/rows/1/3 - 持有档上限：174.96 = 194.40 × 0.9。2026-09-11逐界复核：同一FY2027指引8.10×24倍的基准194.40；沿用原作者折让10%（factor 0.90）：即使指引兑现，非GAAP排SBC及资本支出/折旧时点差仍压低股东现金质量，持有档不延伸至未打折的基准值。 旧预警/范围限制未修复，本界仅为历史或局部坐标，不提供真实买入/持有资格。 基准变动只源正式EPS8.05→8.10，其他EPS和全部作者因子不变；预付支持的负FCF尚不允许完整评级。 查看估值依据
data/batches/20260911/006_Oracle.json#/valuation/rows/1/3 - 卖出档上限：222.00 = 277.50 × 0.8。2026-09-11逐界复核：FY2027作者非GAAP EPS 9.25×30倍的乐观情景277.50；沿用原作者折让20%（factor 0.80）：9.25美元及30倍同时依赖提前交付、利用率和融资顺利；乐观输出也需现金兑现折让，超过折后乐观值归强力卖出，而非假设满额RPO可变现。 旧预警/范围限制未修复，本界仅为历史或局部坐标，不提供真实买入/持有资格。 基准变动只源正式EPS8.05→8.10，其他EPS和全部作者因子不变；预付支持的负FCF尚不允许完整评级。 查看估值依据
data/batches/20260911/006_Oracle.json#/valuation/rows/2/3
门槛由原估值锚与本轮作者设定的安全边际/溢价因子得出；不是公司指引、分析师共识或回测优化结果。它不改写原报告的综合研究判断，也不承诺在固定日期到价。
完整模型限制
综合投资评级待补证；旧收入/现金AND尚未全部触发，独立现金预警已触发，两者不得混淆。基准仅调EPS正式指引8.10，不上调倍数；公司收入至少90不是保证。非GAAP排SBC、CapEx不入当期损益、折旧滞后；折让不能替代负FCF/预付、本金租赁与股数桥。ATM20已执行，不再称未核验；3.3担保到期结果未明，260未起租租赁仍为5月历史承诺非8月更新债务。现价早于盘后财报，不能说市场已消化新业绩，须下一完整收盘再检。 这是2026-09-11作者复核的条件价格筛选，不是原研究status/Review的改写或批准。因子为沿用的主观安全边际/边界纪律，非实证概率、回测优化、公司指引或按当前价格反推。四个边界对应五个价格档，分币只是显示精度；经营与偿债前提失效时停用低价买入资格并重估。卖出不代表做空；无仓位建议、交易指令、保证底部或损失上限。
Overview
五页看懂 · 结论、依据与边界
02 / 05 · 业务表现
云基础设施扩张快于应用业务
Oracle · 20260911研究观点 · 非投资建议
03 / 05 · 估值
情景价格不代表现金流支持的内在价值
- 报告假设
基准采用FY2027公司非GAAP每股盈利新指引8.10美元；其他盈利情景和全部市盈率由本报告设定。
依据与口径 ↗ - 重要限制
指引尚未实现；负现金流、融资和租赁仍是约束，情景不是现金流支持的内在价值；9月10日收盘152.94美元早于盘后业绩，须用下一完整收盘重检。
依据与口径 ↗
美元 · 每股 · 价格锚：2026-09-10（非实时）
灰色：本报告情景；蓝色：所示日期收盘价。条形从零起算，粗段表示区间；不是目标价或买卖信号。
Oracle · 20260911研究观点 · 非投资建议
04 / 05 · 主要风险
交付延迟可能放大债务与稀释压力
Oracle · 20260911研究观点 · 非投资建议
05 / 05 · 后续观察
业绩已发布，再核验现金与资金进度
Oracle · 20260911研究观点 · 非投资建议
1 / 5
五项决策摘要
基本面
Q1超指引；单季与过去12个月现金仍承压
估值
基准只随每股收益升至194.40；价格尚在业绩前
技术面
短期与长期均线方向分化，非价值结论
筹码 / 持仓结构
按市价发行计划（ATM）已完成，停止假设全部仍待发行
催化剂 / 近期大事
盘后业绩已纳入，下一次看定价和完整附注
基本面
业务与竞争格局
Oracle以数据库、ERP/行业应用、软件支持和基础设施服务收费，存量许可/支持为现金来源，OCI则以算力合同和使用量扩张。Q1云11.607、软件5.550、硬件0.774、服务1.414十亿美元；云已约六成收入，资本强度与传统许可业务不同。[16][17]
更多依据与口径（2项）
竞争包括AWS、Azure、Google Cloud及SAP、Salesforce。数据库迁移成本是业务判断，不保证客户独占；跨云与自供GPU模式既可扩大市场，也改变Oracle融资负担和利润结构。[6][18]
09-10公告推出自动生成企业本体的AI Data Platform及代理式医疗管理/EHR系统，体现与企业数据/工作流及医疗应用的竞争延伸。技术效果与可及性为公司宣传，未披露独立收入、成本或医疗效果验证，不计作新利润来源。[16]
历史财务
| 期间 | 收入 | 营业利润 | 自由现金流 | 口径 / 备注 |
|---|---|---|---|---|
| FY2024（截至2024-05-31） | 52.961十亿美元 [6] | GAAP营业利润 15.353十亿美元，利润率28.99% [6] | 经营现金流−资本开支 11.807十亿美元；经营现金流 18.673、资本开支6.866 [6] | 股权激励费用 3.974十亿美元；资本密集程度的比较基线。[6] GAAP稀释普通股每股收益 3.71美元。[6] |
| FY2025（截至2025-05-31） | 57.399十亿美元 [6] | GAAP营业利润 17.678十亿美元，利润率30.80% [6] | 经营现金流−资本开支 -0.394十亿美元；经营现金流 20.821、资本开支21.215 [6] | 股权激励费用 4.674十亿美元；资本密集程度的比较基线。[6] GAAP稀释普通股每股收益 4.34美元。[6] |
| FY2026（截至2026-05-31） | 67.357十亿美元 [6] | GAAP营业利润 20.606十亿美元，利润率30.59% [6] | 经营现金流−资本开支 -23.686十亿美元；经营现金流 31.977、资本开支55.663 [6] | 股权激励费用 4.811十亿美元；自由现金流率-35.16%。FY2026 经营现金流含有重大融资成分的客户预付款4.592十亿美元，非当期收入。[6] GAAP稀释普通股每股收益 5.83美元。[6] |
过去四季 + 下一季公司指引
| 期间 | 收入 | 收入同比 | GAAP 毛利率 | 毛利率同比变化（百分点） | GAAP每股收益 | 调整后 每股收益 | 数据性质 |
|---|---|---|---|---|---|---|---|
| FY2026 Q2（截至2025-11-30） | 16.058十亿美元 [3] | 14.22%（按原始金额计算）[3] | 公司未单列GAAP总毛利率；收入减云/软件、硬件、服务成本的贡献率为66.53%，未分摊单列摊销，不冒充GAAP毛利率 [3] | GAAP总毛利率不可直接取得；同口径贡献率同比-4.41个百分点 [3] | 2.10美元，普通股稀释 [3] | 2.26美元，公司非GAAP普通股稀释（含当季未剔除投资收益，见说明）[3] | 事实 |
| FY2026 Q3（截至2026-02-28） | 17.190十亿美元 [2] | 21.66%（按原始金额计算）[2] | 公司未单列GAAP总毛利率；收入减云/软件、硬件、服务成本的贡献率为64.56%，未分摊单列摊销，不冒充GAAP毛利率 [2] | GAAP总毛利率不可直接取得；同口径贡献率同比-5.75个百分点 [2] | 1.27美元，普通股稀释 [2] | 1.79美元，公司非GAAP普通股稀释（含当季未剔除投资收益，见说明）[2] | 事实 |
| FY2026 Q4（截至2026-05-31） | 19.184十亿美元 [5] | 20.63%（按原始金额计算）[5] | 公司未单列GAAP总毛利率；收入减云/软件、硬件、服务成本的贡献率为65.22%，未分摊单列摊销，不冒充GAAP毛利率 [5] | GAAP总毛利率不可直接取得；同口径贡献率同比-4.97个百分点 [5] | 1.45美元，普通股稀释 [5] | 2.11美元，公司非GAAP普通股稀释（含当季未剔除投资收益，见说明）[5] | 事实 |
| FY2027 Q1（截至2026-08-31；09-10盘后发布） | 19.345十亿美元 [16] | 29.61%（原始金额重算）[16] | 公司未单列GAAP总毛利率；未分摊单列摊销的成本贡献率60.03%，并非公司披露的GAAP总毛利率 [16] | 同口径贡献率-7.25个百分点；GAAP总毛利率未直接给出 [16] | 1.56美元，普通股稀释 [16] | 1.92美元，公司非GAAP普通股稀释 [16] | 事实 |
| FY2027 Q2（截至2026-11-30）公司指引 | 仅指引增长；由FY2026 Q2基数16.058换算20.875–21.518十亿美元 [3][16] | 总收入30%–34%（美元/固定汇率）；云65%–71%美元、64%–70%固定汇率 [16] | 未给出GAAP总毛利率指引 [16] | 不适用：未指引 | 未给出GAAP每股区间 [16] | 1.85–1.93美元；固定汇率1.83–1.91，均为公司指引 [16] | GUIDANCE |
Oracle财年截至5月31日；本表最近四季为FY2026 Q2、Q3、Q4、FY2027 Q1，下一季为FY2027 Q2公司指引。保留已移出表格的FY2026 Q1历史：收入14.926十亿美元、同比12.17%、成本贡献率67.28%、GAAP每股收益1.01、原公告非GAAP1.47。[3][4][16]
更多依据与口径（6项）
公司未列统一GAAP总毛利小计；本文贡献率=(收入−云软件成本−硬件成本−服务成本)/收入，未分摊单列无形资产摊销，不能称为GAAP总毛利率或与NOW总毛利率直接比较。Q1为60.03%，同比−7.25个百分点；GAAP营业率反升至34.78%，二者并不矛盾。[16]
旧FY2026 Q2非GAAP每股收益2.26含Ampere处置收益；FY2026全年7.63剔投资收益为6.83，Q4原2.11剔后2.03。本次Q2指引1.85–1.93相对含收益基数为下降14%–18%，对剔一次性基数则增长21%–25%；不得用不同分母宣称全面加速。[5][16]
普通股净利润不同于总净利润：Q1净利润4.760十亿美元，扣优先股息0.081得普通股净利润4.679；非GAAP普通股净利润5.758，稀释均股3.000十亿股，每股收益1.92。股权激励费用1.127及摊销/重组在非GAAP被剔除，仍是经济成本。[16][17]
本次09-10附件现金表明确列Three Months Ended August 31，且补充自由现金流表按单季度排列：FY2026 Q1/Q2/Q3/Q4 自由现金流分别−0.362／−9.967／−11.484／−1.873十亿美元，FY2027 Q1为−5.396。23.103十亿美元经营现金流确为本季，不是过去12个月；计算过去12个月须FY2026全年减旧Q1加新Q1。[17]
过去12个月桥：经营现金流31.977−8.140+23.103=46.940；资本开支55.663−8.502+28.499=75.660；严格自由现金流−28.720十亿美元。Q1单季与过去12个月不得混淆。[17]
8-K已给完整简明三表，但不等于取得Q1 10-Q全部附注。新季度经营租赁流动负债、融资租赁总额、未开始租赁和担保到期情况尚未补齐，不能把05-31完整附注余额当08-31余额。[6][14][16]
经营质量与资本配置
收入兑现：Q1总收入19.345十亿美元、同比29.61%，高于旧27%–29%指引上沿；OCI7.388、同比约121%，SaaS4.219、同比约10%。软件许可0.655同比−15%、软件支持4.895同比−1%，旧现金池缓冲仍在但不是所有业务同速增长。[16][17]
更多依据与口径（11项）
剩余履约义务664十亿美元，较FY2026末638增加26，较上年455增加209；公司称新签超过30十亿美元AI云合同，交付850MW新增数据中心能力及超过30万GPU。签约、剩余履约义务净变动和当期收入不是同一数，不能把30与26差额当取消合同。[16]
电话会经营现金流称约一半剩余履约义务将在未来36个月转销售；这是管理层当前预期而非保证收款。旧05-31年报12%未来12月、34%第13–36月、34%第37–60月为历史期限结构，不机械套到新664余额；客户级集中及违约条款仍缺。[6][18]
单季现金：经营现金流23.103−资本开支28.499=严格自由现金流-5.396十亿美元；经营现金流含有重大融资成分的客户预付11.363。仅作为质量压力检验剔预付，经营现金流11.740、自由现金流-16.759，非公司指标。预付占本季经营现金流49.18%，有未来服务义务，不能当无成本股东现金。[17]
公司net cash outlay for 资本开支为17.966十亿美元=28.499+0.830短期融资偿还−11.363客户预付；不是严格自由现金流，不能在经营现金流中包含预付后又把该指标作为现金资本开支扣除而重复计算好处。[17]
过去12个月现金约束已经恶化：经营现金流46.940、资本开支75.660、自由现金流-28.720十亿美元；比FY2026全年−23.686更负。满足原监控“自由现金流低于−25且资本开支持续上升”现金分支，尽管收入/每股收益指引没有下调。[17]
资产负债08-31：现金36.369、证券0.708，流动借款7.625、非流动117.712，借款合计125.337、净债88.260十亿美元（不含租赁/优先股）。现金流期末含受限现金38.934与资产负债表现金相差2.565，不把受限现金当无条件可用资金来压低净债。[16][17]
净债从05-31的97.647降至88.260，但本季发行按市价发行计划（ATM）普通股毛额20、净额19.909十亿美元，同时偿还票据/贷款及其他借款4.202；不能把资本结构改善全归因于经营盈利，也不能再写按市价发行计划（ATM）尚未执行。[6][16][17]
盈利质量：Q1 GAAP营业利润6.728、非GAAP8.151十亿美元；营业率34.78%/约42%，GAAP改善部分来自股权激励费用基本持平、摊销0.202较0.420下降、重组0.094较0.415下降及销售费用下降。折旧3.156较1.351大增，利息1.428较0.923增加，营业利润/利息4.71倍；投入的长期现金回收仍未知。[16][17]
租赁与期限：08-31仅可从简表识别非流动经营租赁负债30.594十亿美元，不能误称总经营租赁。05-31完整年报经营租赁总额30.190、融资7.701、未开始承诺260十亿美元以及FY2027/28本金到期7.210/10.145为历史附注；3.3十亿美元出租人担保9月到期是否解除仍待新附注。[6][16]
资本开支指引：09-10电话会经营现金流预期FY2027 资本开支90–95十亿美元、net cash 资本开支不超过70，且支出不线性；未承诺公司自由现金流转正具体日期。该指引来自已取得完整二级转录，不是把单季资本开支乘四当公司预测。[18]
资本配置：Q1支付股东股利1.565十亿美元；稀释均股3.000较上年2.909十亿股增加3.13%。6.50%强制可转优先股仍涉及普通股每股利益，未来转股不是本次按市价发行计划（ATM）实售股数。普通股新季度股息0.50美元，10-09登记、10-23支付是宣告而非已付款。[6][15][17]
估值
估值方法
FY2027公司非GAAP每股收益及本报告情景×市盈率；用预付调整现金、债务和稀释检验，不在负自由现金流阶段强造现金流折现
更多依据与口径（5项）
09-10公司将FY2027收入表述更新为“至少90十亿美元”，非GAAP每股收益从8.05小幅调至8.10；不是分析师共识。只将基准每股收益跟随正式指引，保守6.50/乐观9.25及18/24/30倍保持不变。[16]
保守/乐观FY2027收入78/100十亿美元为本报告假设，基准以公司收入下限90为锚。新按市价发行计划（ATM）已完成20十亿美元，公司每股收益指引含其资本结构判断，情景每股收益不再重复减净债或人为第二次扣同一稀释。[16]
CNBC已获取片段列本季调整每股收益预期1.74、收入19.14十亿美元，实际1.92/约19.35高于该预期；无分析师数，亦未取到FY2028可靠预期分布，不拿新闻标题当全年共识。[19]
非GAAP排除股权激励费用/摊销/重组、当期资本开支不直接计入损益，FY2026 6.83正常化基数也不是股东现金。负过去12个月 自由现金流与客户预付显著限制市盈率的含义；倍数是本报告假设而非行业平均。[5][16][17]
价格/事件错位：152.94美元为09-10常规收盘，早于当日盘后财报；研究已纳入盘后实绩和新指引，以下估值只是“财报前价格×财报后信息”的机械比较，不代表市场已消化业绩，需用下一完整交易日重检。[16][20]
| 情景 | 盈利/现金流输入 | 倍数/折现假设 | 价值输出 |
|---|---|---|---|
| 保守 | FY2027收入78十亿美元、非GAAP每股收益6.50；容量/客户信用或融资费用失效，普通股回报落后 | 市盈率假设（本报告设定） 18倍；不在每股收益后重复扣净债 | 117.00美元/股；较财报前09-10收盘-23.50% |
| 基准 | FY2027收入至少90十亿美元的公司指引下限、非GAAP每股收益8.10兑现；倍数维持24 | 市盈率假设（本报告设定） 24倍；不在每股收益后重复扣净债 | 194.40美元/股；较财报前09-10收盘+27.11% |
| 乐观 | 作者收入100十亿美元、非GAAP每股收益9.25；容量利用率与SaaS扩张足以覆盖折旧/利息及股数 | 市盈率假设（本报告设定） 30倍；不在每股收益后重复扣净债 | 277.50美元/股；较财报前09-10收盘+81.44% |
基准仅由旧193.20更新为194.40美元，差额1.20来自0.05美元每股收益指引×24；没有因为超预期或盘后叙事提升倍数。保守/乐观仍117.00/277.50，现金压力可使现实低于保守情景。
更多依据与口径（2项）
Q1经营现金流和净债表面改善包含大额预付与股权融资，过去12个月 自由现金流仍恶化；低市盈率不能单独证明可分配现金或安全边际。[17]
价格/事件错位：152.94美元为09-10常规收盘，早于当日盘后财报；研究已纳入盘后实绩和新指引，以下估值只是“财报前价格×财报后信息”的机械比较，不代表市场已消化业绩，需用下一完整交易日重检。[16][20]
当前价格需要怎样的盈利
财报前收盘152.94÷财报后公司FY2027非GAAP8.10=18.88倍；÷FY2026正常化6.83=22.39倍。滚动四季GAAP每股收益2.10+1.27+1.45+1.56=6.38，对应23.97倍，含投资收益和舍入差，不是同口径正常化现金估值。须在下个完整交易日刷新价格后再评价。[3][5][16]
技术面
2026-09-10常规收盘152.94美元；较2026-09-09收盘-5.38%。高于20日均线149.68；高于50日均线140.52；低于200日均线167.89。统计不构成投资价值判断。[20]
更多依据与口径（5项）
20日原始收盘回报-0.22%，末日成交量/此前20日均量2.38倍。20日观察区间137.43–170.70美元；60日114.50–195.32美元。不是保证支撑或压力。[20]
采用251个交易日原始close，非股息再投资总回报；拆股口径沿用行情供应商。不以量比推定机构净流或成本。[20]
尚缺数据：逐笔成交量加权均价（VWAP）、同业相对强弱、完整公司行动交叉核验、期权/借券定位与13F全量持仓。
价格/事件错位：152.94美元为09-10常规收盘，早于当日盘后财报；研究已纳入盘后实绩和新指引，以下估值只是“财报前价格×财报后信息”的机械比较，不代表市场已消化业绩，需用下一完整交易日重检。[16][20]
行情价格：152.94 美元 · ORCL · 行情日期 2026-09-10 · 直接行情来源
| 20日简单移动平均线 | 50日简单移动平均线 | 200日简单移动平均线 | 20日低 / 高 | 60日低 / 高 | 20日回报（%） | 20日量比 |
|---|---|---|---|---|---|---|
| 149.675 | 140.5236 | 167.8869 | 137.43 / 170.7 | 114.5 / 195.32 | -0.2218 | 2.3833 |
计算口径：Yahoo 日线原始 close；均线为简单均线；未按股息再投资调整；窗口高低为观察区间，不是内在价值或保证有效支撑。量比=末日成交量/此前20个交易日均量。
更多依据与口径（2项）
样本交易日：251
行情证据文件：/mnt/q/private/stock_site/data/batches/20260911/market/ORCL-raw.json
筹码 / 持仓结构
Q1 按市价发行计划（ATM）普通股实际融资毛额20、净额19.909十亿美元，融资已执行。删除按现价假设未来全额发行的旧123百万股稀释测算；完整10-Q尚未取得，实际发售股数及加权发行价未由本次简表确认，不能用20十亿美元除09-10股价充作实售数量。[16][17]
催化剂 / 近期大事
| 时间 / 确认状态 | 事件 | 事件性质 | 观察 / 论点影响 |
|---|---|---|---|
| 2026-06-10财报、06-22年报 | FY2026全年及10-K历史基线 | 历史已披露 | 保留FY2026三年现金与租赁历史，现时三表已滚至08-31；旧638 剩余履约义务（RPO）和按市价发行计划（ATM）未发不能继续当当前余额。[5][6][16] |
| 2026-09-10盘后；SEC受理20:16:50 UTC | FY2027 Q1盘后实绩与新指引 | 已发布并取得附件 | 收入19.345、非GAAP1.92；FY2027至少90/8.10、Q2总收入30%–34%；不是未来待发生。[14][16] |
| FY2027 Q1期间；09-10披露 | 按市价发行计划（ATM）普通股融资完成 | 已实际发行，非仅增加代理 | 毛额20、净額19.909十亿美元；后续验证实际股数与发行成本，不能重复假设尚待融资。[16][17] |
| 发布日期待核验 | FY2027 Q1完整10-Q及租赁/担保更新 | 本轮SEC索引未取得 | 补当前租赁本金、未开始义务、3.3十亿美元担保9月到期与股数明细；简表不能填造这些附注。[14][16] |
| 2026-09-11常规收盘后（尚未取得） | 下一完整常规交易日定价 | 待发生 | 价格/事件错位：152.94美元为09-10常规收盘，早于当日盘后财报；研究已纳入盘后实绩和新指引，以下估值只是“财报前价格×财报后信息”的机械比较，不代表市场已消化业绩，需用下一完整交易日重检。[16][20] |
| 管理层称10月Investor Day；Q2截至11-30 | Investor Day与FY2027 Q2 | 待进一步公司披露 | 正常化毛利/现金、资本开支（CapEx）90–95和净现金资本开支（CapEx）≤70兑现；不设未经披露的自由现金流（FCF）转正日期。[18] |
| 10-09登记；10-23支付 | 普通股季度股息 | 已宣告，未付款 | 0.50美元/普通股；与本季已付现金1.565十亿美元区分。[15][16] |
下行情景详解
已有基准
FY2027至少90十亿美元/非GAAP每股收益（EPS）8.10新指引及Q1超预期支撑收入论点；但滚动12个月（TTM） 自由现金流（FCF）−28.720、08-31净债88.260、Q1预付11.363十亿美元构成现金约束，净债下降不能脱离20十亿美元股权融资解释。[16][17]
可观察触发条件：区分公司指引与研究预警
已结算检验：Q1收入29.61%、非GAAP每股收益（EPS）1.92均超过旧指引，不再以“Q1低于27%/1.72”作为未来事件；下一检验为Q2收入增长低于30%或美元非GAAP每股收益（EPS）低于1.85公司下沿。[16]
更多依据与口径（5项）
作者联合失效线保留：FY2027收入下修至81十亿美元或以下，同时自由现金流（FCF）仍低于−25十亿美元。当前收入指引至少90，故这一AND联合条件尚未全部满足；不得把现金分支成立说成收入指引已失效。
作者现金监控已经触发：滚动12个月（TTM）严格自由现金流（FCF）−28.720低于−25且滚动12个月（TTM） 资本开支（CapEx）75.660继续高于FY2026全年55.663。预付减少而投资刚性仍存会使缺口进一步扩大。[17]
作者警戒线：GAAP营业利润/利息低于3倍，或实际融资净额不能覆盖缺口与近年本金；当前本季覆盖4.71倍，不据现状断言财务违约。[16]
客户信用/集中、数据中心供电施工、GPU经济寿命和利用率风险依然存在。电话会称项目会自筹现金但未给集团自由现金流（FCF）转正期限，不能把预计项目回报当已实现保障。[6][18]
3.3十亿美元出租人担保2026-09到期是否解除、延长或执行尚未从新附注确认；260十亿美元未开始租赁为05-31历史承诺，不能当即期借款或08-31已更新余额。[6][14]
经营 → 盈利 / 现金 → 估值传导
容量扩建把剩余履约义务（RPO）转收入，同时抬升折旧、运营成本和资本现金支出；Q1成本贡献率60.03%同比降7.25个百分点，GAAP营业率改善不能掩盖基础设施结构变化。[16]
更多依据与口径（2项）
客户预付支持本期经营现金流（OCF）却附未来服务义务；若客户延付、取消或自供GPU模式收益低于预期，资本开支（CapEx）及租赁不能同步收缩，会扩大债股融资与每股回报压力。[17][18]
本季净债下降部分由已完成按市价发行计划（ATM）融资实现；未来资金来源若仍依赖外部融资，业务增长与普通股价值可能背离。不能把剩余履约义务（RPO）664十亿美元直接资本化成股权价值。[16][17]
假设敏感性：不是价格底部
作者压力测试：FY2027收入下限90低10%、基准每股收益（EPS）8.10低20%至6.48、倍数24降18，得116.64美元，较财报前收盘-23.73%。若滚动12个月（TTM） 经营现金流（OCF）46.940不变而资本开支（CapEx）再增10，自由现金流（FCF）为−38.720十亿美元；新增10十亿美元债、6%利率、20%税率、3.000十亿股假设使年每股收益（EPS）少0.16。均非预测或底价。
下次披露如何确认 / 推翻
下个常规收盘先修复价格/业绩时点错位；随后取得Q1 10-Q及Investor Day披露，复核预付剔除后现金、按市价发行计划（ATM）股数、租赁与担保，再验证Q2增长30%–34%/每股收益（EPS）1.85–1.93。正自由现金流（FCF）日期尚无承诺，不能自行设置。[14][16][18]
论点监控
| 监控指标 | 升级条件 | 失效信号 | 复核频率 | 直接来源 |
|---|---|---|---|---|
| FY2027与Q2指引兑现 | 全年至少90/8.10；Q2高于收入34%、非GAAP1.93且现金改善 | Q2低于30%或1.85；全年收入降至81且自由现金流（FCF）低于−25为联合作者失效线 | 每季 | [16] |
| 滚动12个月（TTM） 自由现金流（FCF）、资本开支（CapEx）与客户预付 | 滚动12个月（TTM）缺口收窄，剔重大预付后仍改善 | 滚动12个月（TTM） 自由现金流（FCF）低于−25且资本开支（CapEx）上升：当前−28.720/75.660已满足 | 每季/滚动十二月 | [17] |
| 剩余履约义务（RPO）期限、交付和客户信用 | 约半数36月计划转收入且收款兑现、客户更分散 | 预付/回款恶化、GPU利用率或交付低于承诺 | 每季及10-Q | [16][18] |
| 借款、租赁、按市价发行计划（ATM）每股影响 | 利息覆盖≥4且融资后每股现金改善 | 覆盖<3、租赁刚性扩大或未能覆盖融资缺口 | 每季和融资披露 | [16][17] |
| 价格/事件截止一致 | 采用09-11或更晚完整收盘重新计算 | 把09-10 152.94解释为业绩后已定价 | 下一常规收盘 | [16][20] |
投资框架判断
框架判断，不代表投资大师本人观点。
更多依据与口径（3项）
巴菲特框架：收入/剩余履约义务（RPO）兑现和净债减少支持经营执行，但净债改善需考虑20十亿美元发股；剔预付单季自由现金流（FCF）−16.759，财务堡垒不能仅看账面现金。Pass/观察，中置信度。[16][17]
芒格框架：最强反证是OCI同比121%与滚动12个月（TTM）现金缺口扩大同时发生。防止将23.103单季经营现金流（OCF）误当滚动12个月（TTM）、将38.934含受限现金当自由现金，以及把预付视为利润。逆向失败仍是客户、供电、GPU寿命和融资联动，Pass。[16][17]
段永平框架：传统数据库可理解不代表新AI机房长期回报已清楚；公司未给自由现金流（FCF）转正日期，低市盈率（P/E）及预付款不能替代所有者现金。基准只随每股收益（EPS）正式指引增加1.20美元，倍数不动；三框架均Pass，先修复价格时点再评价，不代表大师本人观点。[16][18]
缺失数据与影响
完整FY2027 Q1 10-Q在本次07:42 UTC取得的SEC submissions未出现；已取得9月10日8-K/完整三表，不能因此把整个季度写成尚未发布。完整租赁、担保、客户和股数附注仍缺。[14][16]
更多依据与口径（7项）
真实按市价发行计划（ATM）发售股数、加权发行价及08-31普通股实际流通数未由简表确认；20十亿美元毛额和19.909净额已确认，停止沿用“按市价发行计划（ATM）未执行”的历史叙述。[16][17]
剩余履约义务（RPO）664十亿美元客户级集中、取消/信用条款及项目级投入资本回报率（ROIC）、维持性资本开支（CapEx）缺失；管理层预计约半数36个月确认并非保证收款。[18]
公司未单列GAAP总毛利率；成本贡献率未分摊单列摊销，不跨公司当GAAP毛利比较。[16]
CNBC本季预期为提取片段，未给分析师数；FY2027/FY2028独立时间戳一致预期和完整定义缺失，不替代公司新指引。[19]
价格/事件错位：152.94美元为09-10常规收盘，早于当日盘后财报；研究已纳入盘后实绩和新指引，以下估值只是“财报前价格×财报后信息”的机械比较，不代表市场已消化业绩，需用下一完整交易日重检。[16][20]
历史05-31未开始租赁260十亿美元与9月到期担保3.3十亿美元尚无新完整附注；不能认定未变化或已造成损失。[6][14]
13F/Form 4全量经济净流、空头、借券和期权结构未核验；未使用盘后媒体涨跌幅替代本批常规价格。
紧凑证据索引
[1] Oracle FY2026 Q4及全年财报
发布日期：2026-06-10
证据文件：/mnt/q/private/stock_site/data/batches/20260908/006_Oracle/source_1.txt
Record Remaining Performance Obligations grew $85 billion in Q4 from $553 billion to $638 billion Record Q4 Earnings per Share GAAP up 21% USD to $1.45, non-GAAP up 24% USD to $2.111 Record Q4 Total Revenues $19.2 billion, up 21% USD, and up 20% constant currency Record Q4 Total Cloud Revenues $9.9 billion, up 47% USD, and up 46% constant currency Q4 Cloud Infra (IaaS) Revenue $5.8 billion, up 93% USD, and up 92% constant currency Q4 Cloud Apps (
[2] Oracle FY2026 Q3财报及指引
发布日期：2026-03-10
证据文件：/mnt/q/private/stock_site/data/batches/20260908/006_Oracle/source_2.txt
Q3 Remaining Performance Obligations $553 billion, up 325% year-over-year in USD • Q3 GAAP Earnings per Share up 24% to $1.27, Non-GAAP Earnings per Share up 21% to $1.79 • Q3 Total Revenue $17.2 billion, up 22% in USD and up 18% in constant currency • Q3 Cloud Revenue (IaaS plus SaaS) $8.9 billion, up 44% in USD and up 41% in constant currency • Q3 Cloud Infrastructure Revenue (IaaS) $4.9 billion, up 84% in USD and up 81% in constant cur
[3] Oracle FY2026 Q2财报
发布日期：2025-12-10
证据文件：/mnt/q/private/stock_site/data/batches/20260908/006_Oracle/source_3.txt
Q2 Remaining Performance Obligations $523 billion, up 438% in USD • Q2 GAAP Earnings per Share up 91% to $2.10, Non-GAAP Earnings per Share up 54% to $2.26 • Q2 Total Revenue $16.1 billion, up 14% in USD and up 13% in constant currency • Q2 Cloud Revenue (IaaS plus SaaS) $8.0 billion, up 34% in USD and up 33% in constant currency • Q2 Cloud Infrastructure (IaaS) Revenue $4.1 billion, up 68% in USD and u
[4] Oracle FY2026 Q1财报
发布日期：2025-09-09
证据文件：/mnt/q/private/stock_site/data/batches/20260908/006_Oracle/source_4.txt
Q1 Remaining Performance Obligations $455 billion, up 359% in both USD and constant currency Q1 GAAP Earnings per Share down 2% to $1.01, Non-GAAP Earnings per Share up 6% to $1.47 Q1 Total Revenue $14.9 billion, up 12% in USD and up 11% in constant currency Q1 Cloud Revenue (IaaS plus SaaS) $7.2 billion, up 28% in USD and up 27% in constant currency Q1 Cloud Infrastructure (IaaS) Revenue $3.3 billion, up 55% in USD and up 54% in constant currenc
[5] Oracle FY2026 Q4财报 PDF
发布日期：2026-06-10
证据文件：/mnt/q/private/stock_site/data/batches/20260908/006_Oracle/source_6.txt
Record Remaining Performance Obligations grew $85 billion in Q4 from $553 billion to $638 billion • Record Q4 Earnings per Share GAAP up 21% USD to $1.45, non-GAAP up 24% USD to $2.111 • Record Q4 Total Revenues $19.2 billion, up 21% USD, and up 20% constant currency • Record Q4 Total Cloud Revenues $9.9 billion, up 47% USD, and up 46% constant currency o Q4 Cloud Infra (IaaS) Revenue $5.8 billion, up 93% USD, and up 92% constant curr
[6] Oracle FY2026 10-K及三年财报
发布日期：2026-06-22
证据文件：/mnt/q/private/stock_site/data/batches/20260908/006_Oracle/source_7.txt
Remaining performance obligations were $638 billion and $138 billion as of May 31, 2026 and 2025, respectively. The increase in remaining performance obligations as of May 31, 2026 in comparison to May 31, 2025 was primarily attributable to certain significant cloud contracts that were entered into during the period. For more information about our remaining performance obligations, see Note 1 of Notes to Consolidated Financial Statements included
[9] Oracle官方确认FY2027Q1财报于9月10日盘后发布
发布日期：2026-09-02
证据文件：/mnt/q/private/stock_site/data/batches/20260909/evidence/006_Oracle/direct_schedule.txt
Earnings Results to be released on September 10, 2026, After the Close of the Market AUSTIN, Texas , Sept. 2, 2026 /PRNewswire/ -- Oracle Corporation today announced that its first quarter fiscal year 2027 results will be released on Thursday, September 10th, after the close of the market. Oracle will host a conference call and live webcast at 4:00 p.m. Central Time to discuss the financial results. The live webcast will be available on the Oracle Investor Relations website at www.oracle.com/investor . About Oracle Oracle offers integrated suites of applications plus secure, autonomous infrastructure in the Oracle Cloud. For more information about Oracle (NYSE: ORCL), p
[10] Oracle FY2026 Q4/全年公告重新核验
发布日期：2026-06-10
证据文件：/mnt/q/private/stock_site/data/batches/20260909/evidence/006_Oracle/direct_q4.txt
Record Remaining Performance Obligations grew $85 billion in Q4 from $553 billion to $638 billion Record Q4 Earnings per Share GAAP up 21% USD to $1.45, non-GAAP up 24% USD to $2.11 1 Record Q4 Total Revenues $19.2 billion, up 21% USD, and up 20% constant currency Record Q4 Total Cloud Revenues $9.9 billion, up 47% USD, and up 46% constant currency Q4 Cloud Infra (IaaS) Revenue $5.8 billion, up 93% USD, and up 92% constant currency Q4 Cloud Apps (SaaS) Revenue $4.1 billion, up 10% USD, and up 9% constant currency Record FY 2026 Earnings per Share GAAP up 34% USD to $5.83, non-GAAP up 27% USD to $7.63 1 Record FY 2026 Total Revenues $67.4 billion, up 17% USD, and up 16% constant currency Record FY 2026 Total Cloud Revenues $34.0 billion, up 39% USD, and up 37% constant currency FY 2026 Cloud Infra (IaaS) Revenue $18.1 billion, up 77% USD, and up 75% constant currency FY 2026 Cloud Apps (SaaS) Revenue $15.9 billion, up 11% USD, and up 10% constant currency AUSTIN, Texas , June 10, 2026 /
[11] Oracle 6月23日424B5：20十亿美元ATM追加销售代理
发布日期：2026-06-23
证据文件：/mnt/q/private/stock_site/data/batches/20260909/evidence/006_Oracle/atm_prospectus.txt
Up to $20,000,000,000 of Common Stock This prospectus supplement, or Supplement, supplements the prospectus and prospectus supplement, dated February 2, 2026, or the Prospectus, relating to the offer and sale of shares of our common stock from time to time through BofA Securities, Inc., Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Goldman Sachs & Co. LLC and J.P. Morgan Securities LLC, as our sales agents, pursuant to an equity distribution agreement, or Equity Distribution Agreement, entered into with such sales agents on that date. This Supplement supersedes and replaces the prospectus supplement dated February 3, 2026 relating to the addition of certain additional sales agents under the Equity Distribution Agreement and is being filed to reflect the addition of BNP Paribas Securities Corp., BTIG, LLC, HSBC Securities (USA) Inc., Lloyds Securities Inc., PNC Capital Markets LLC, SMBC Nikko Securities America, Inc., Wells Fargo Securities, LLC, Intesa Sanpaolo IMI Securities Corp., Mizuho Securities USA LLC, MUFG Securities Americas Inc., Santander US Capital Markets LLC, TD Securities (USA) LLC, BNY Mellon Capital Markets, LLC, CIBC World Markets Corp. and ING Financial Markets LLC as additional sales agents pursuant to joinder agreements to the Equity Distribution Agreement. Accordingly, each reference to the term “sales agent” or “sales agents” in the Prospectus is hereby amended, to the extent appropriate in the context, to include BNP Paribas Securities
[12] SEC submissions索引：本次检查范围与最新披露时点
发布日期：2026-09-09（检索日，非每项申报日）
证据文件：/mnt/q/private/stock_site/data/batches/20260909/evidence/006_Oracle/direct_submissions.txt
"filings": { "recent": { "accessionNumber": [ "0001341439-26-000066", "0001341439-26-000064", "0001950047-26-006460", "0001959173-26-004824", "0001193125-26-278585", "0001193125-26-277521", "0001193125-26-265848", "0001341439-26-000054", "0001341439-26-000052", "0001341439-26-000050", "0001341439-26-000048", "0001341439-26-000046", "0001341439-26-000044", "0001341439-26-000042", "0001341439-26-000040", "0001193125-26-248390", "0001341439-26-000038",
[14] SEC最新索引：已找到9月10日8-K、尚未在本次索引取得FY27Q1 10-Q
发布日期：2026-09-11
证据文件：/mnt/q/private/stock_site/data/batches/20260911/evidence/006_Oracle/submissions.txt
"filings":{"recent":{"accessionNumber":["0001193125-26-387905","0001341439-26-000066","0001341439-26-000064","0001950047-26-006460","0001959173-26-004824","0001193125-26-278585","0001193125-26-277521","0001193125-26-265848","0001341439-26-000054","0001341439-26-000052","0001341439-26-000050","0001341439-26-000048","0001341439-26-000046","0001341439-26-000044","0001341439-26-000042","0001341439-26-000040","0001193125-26-248390","0001341439-26-000038","0001193125-26-219708","0001341439-26-000034","0001341439-26-000029","0001193125-26-177242","0001341439-26-000027","0001341439-26-000025","0001959173-26-002940","0001341439-26-000021","0001193125-26-142939","0001341439-26-000018","0000102909-26-001995","0001193125-26-101045","0001193125-26-100148","0001341439-26-000010","0001959173-26-000747","0000876661-26-000093","0001193125-26-039435","0001193125-26-039344","0001193125-26-037840","0001193125-26-037818","0001193125-26-035662","0001193125-26-035603","0001193125-26-034351","0001193125-26-03
[15] Oracle 9月10日8-K：业绩及股息
发布日期：2026-09-10
证据文件：/mnt/q/private/stock_site/data/batches/20260911/evidence/006_Oracle/q1_8k.txt
Item 2.02 Results of Operations and Financial Condition On September 10, 2026, Oracle Corporation (“Oracle”) issued a press release announcing financial results for its fiscal first quarter ended August 31, 2026. A copy of this press release is furnished as Exhibit 99.1 to this report. Section 8—Other Events Item 8.01 Other Events Oracle announced that its Board of Directors has declared a cash dividend of $1,625 per share of our outstanding Mandatory Convertible Preferred Stock and $0.50 per share of our outstanding common stock. The Mandatory Convertible Preferred Stock dividend is payable on October 15, 2026 to stockholders of record as of the close of business on October 1, 2026 and the common stock dividend is payable on October 23, 2026 to stockholders of record as of the close of business on October 9, 2026. Section 9—Financial Statements and Exhibits Item 9.01 Financial Statements and Exhibits (d) Exhibits Exhibit No. Description of Exhibit 99.1 Press Release dated September 10, 2026 104 Cover Page Interactive Data File (embedded within the Inline XBRL document) SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. ORACLE CORPORATION Dated: September 10, 2026 By: /s/ MARIA SMITH Maria Smith Executive Vice President, Chief Accounting Officer (Principal Accounting Officer)
[16] Oracle FY27Q1完整SEC业绩附件：实绩、指引、现金和ATM
发布日期：2026-09-10
证据文件：/mnt/q/private/stock_site/data/batches/20260911/evidence/006_Oracle/q1_exhibit.txt
Oracle Announces Q1 Results Driven by Triple Digit Growth in Cloud Infrastructure Revenues • Q1 GAAP Earnings per Share up 55% in USD and up 54% in constant currency to $1.56, non-GAAP Earnings per Share up 30% in USD and constant currency to $1.92. • Record Q1 Total Revenues up 30% in USD and constant currency to $19.3 billion. • Record Q1 Total Cloud Revenues up 62% in USD & up 61% in constant currency to $11.6 billion. o Q1 Cloud Infra (IaaS) Revenue up 121% in USD & up 120% in constant currency to $7.4 billion. o Q1 Cloud Apps (SaaS) Revenue up 10% in USD and constant currency to $4.2 billion. • Remaining Performance Obligations or RPO up $209 billion year-over-year to $664 billion AUSTIN, Texas, September 10, 2026 -- Oracle Corporation (NYSE: ORCL) today announced Q1 FY27 results with strong revenue growth. Total quarterly revenues increased 30% to $19.3 billion, reflecting strong execution in our infrastructure business, with the delivery of 850MW additional datacenter capacity. Cloud revenues (IaaS + SaaS) increased 62% to $11.6 billion, driven by 121% growth in Cloud Infrastructure (IaaS), and 10% growth in Cloud Applications (SaaS). Software revenues were down 3% to $5.5 billion, reflecting our customers’ continuing migration from on-premises software to the Cloud. Services revenues were $1.4 billion, up 5%, and Hardware revenues were $0.8 billion, up 15%. Oracle generated Q1 GAAP operating income of $6.7 billion, up 57%, while non-GAAP operating income rose to $8.2 billion, up 31%, driven by continued broad-based demand in Cloud Infrastructure and Cloud Applications. GAAP net income available to common shareholders reached $4.7 billion, up 60%, and non-GAAP net income available to common shareholders grew to $5.8 billion, up 34%. Q1 GAAP earnings per share increased to $1.56, up 55%, and non-GAAP earnings per share climbed to $1.92, up 30%. Oracle’s strong operating income translated to a record Q1 operating cash flow of $23 billion, up 184%. Free cash flow was negative $5 billion for Q1 as Oracle continued to execute on investments to support the growth of its Cloud Infrastructure business. Remaining Performance Obligations Customer demand for AI Cloud Training and Inferencing Services continues to grow faster than supply. Oracle booked more than $30 billion of additional AI cloud contracts in Q1 increasing its RPO to $664 billion. Based on the structuring of those new contracts, the Company confirms there is no incremental impact on its plans to raise capital. Since the end of Q4, Oracle also delivered more than 300,000 GPUs to its AI Cloud customers and almost triple the capacity delivered in Q4 FY26. Capital Investment Program and Capital Funding During Q1 FY 2027, Oracle successfully completed the sale of $20 billion of common stock (before commissions) through an At-the-Market (ATM) equity program, as part of its previously disclosed capital investment program. Guidance for Q2 FY 2027 Oracle is providing the following forward-looking guidance for Q2 FY 2027: • Total revenues are expected to grow between 30% and 34% in constant currency and USD. • Total Cloud revenue is expected to grow between 64% and 70% in constant currency and between 65% and 71% in USD. • Non-GAAP earnings per share is expected to be between $1.83 and $1.91 in constant currency and between $1.85 and $1.93 in USD, which represents growth of 19% to 23% in constant currency and 21% to 25% in USD excluding a one-time gain from Q2 FY20261. Guidance for Full FY 2027 For fiscal year 2027, we now expect total revenue to be at least $90 billion, and non-GAAP EPS to be at $8.10. New Oracle AI Data Platform Automatically Generates Enterprise Ontology Virtually all of Oracle’s enterprise customers want to use AI to reason on their private data and to use AI agents to automate their business processes. To do this efficiently, customers must first precisely describe the semantic details of their private data and business processes in an Enterprise Ontology (a model defining the core concepts, relationships and rules of the business). Palantir pioneered
[17] Oracle通过PRNewswire发布Q1完整财务表：OCF为单季
发布日期：2026-09-10
证据文件：/mnt/q/private/stock_site/data/batches/20260911/evidence/006_Oracle/q1_pr.txt
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS ($ in millions) Three Months Ended August 31, 2026 2025 Cash Flows From Operating Activities: Net income $ 4,760 $ 2,927 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation 3,156 1,351 Amortization of intangible assets 202 420 Deferred income taxes (73) 515 Stock-based compensation 1,127 1,124 Other, net (4) 164 Changes in operating assets and liabilities: Increase in trade receivables, net (1,009) (245) Decrease in prepaid expenses and other assets 114 59 Decrease in accounts payable and other liabilities (1,076) (334) Increase (decrease) in income taxes payable 546 (391) Increase in deferred revenues from customer prepayments with significant financing component 11,363 - Increase in other deferred revenues 3,997 2,550 Net cash provided by operating activities 23,103 8,140 Cash Flows From Investing Activities: Purchases of marketable securities and other investments (306) (471) Proceeds from sales and maturities of marketable securities and other investments 225 255 Capital expenditures (28,499) (8,502) Net cash used for investing activities (28,580) (8,718) Cash Flows From Financing Activities: Proceeds from issuances of common stock via at-the-market program, net of issuance costs 19,909 - Net proceeds from employee stock programs 41 1,153 Payments of dividends to stockholders (1,565) (1,413) Repayments of commercial paper, net - (238) (Repayments of) proceeds from short-term financing related to capital expenditures, net (830) 1,958 Repayments of senior notes, term loan credit agreements and other borrowings (4,202) (1,052) Other financing activities, net (242) (198) Net cash provided by financing activities 13,111 210 Effect of exchange rate changes on cash, cash equivalents and restricted cash 11 27 Net increase (decrease) in cash, cash equivalents and restricted cash 7,645 (341) Cash, cash equivalents and restricted cash at beginning of period 31,289 10,786 Cash, cash equivalents and restricted cash at end of period $ 38,934 $ 10,445 ORACLE CORPORATION Q1 FISCAL 2027 FINANCIAL RESULTS FREE CASH FLOW (1) ($ in millions) Fiscal 2026 Fiscal 2027 Q1 Q2 Q3 Q4 TOTAL Q1 Q2 Q3 Q4 TOTAL GAAP Operating Cash Flow $ 8,140 $ 2,066 $ 7,151 $ 14,620 $ 31,977 $ 23,103 $ 23,103 Capital Expenditures (8,502) (12,033) (18,635) (16,493) (55,663) (28,499) (28,499) Free Cash Flow $ (362) $ (9,967) $ (11,484) $ (1,873) $ (23,686) $ (5,396) $ (5,396) Operating Cash Flow % Growth over prior year 10 % 58 % 21 % 137 % 54 % 184 % 184 % GAAP Net Income $ 2,927 $ 6,135 $ 3,721 $ 4,304 $ 17,087 $ 4,760 $ 4,760 Operating Cash Flow as a % of Net Income 278 % 34 % 192 % 340 % 187 % 485 % 485 % (1) To supplement our statements of cash flows presented on a GAAP basis, we use non-GAAP measures of cash flows to analyze cash flow generated from operations. We believe free cash flow is also useful as one of the bases for comparing our performance with our competitors. The presentation of non-GAAP free cash flow is not meant to be considered in isolation or as an alternative to net income as an indicator of our performance, or as an alternative to cash flows from operating activities as a measure of liquidity. ORACLE CORPORATION Q1 FISCAL 2027 FINANCIAL RESULTS NET CASH OUTLAY FOR CAPITAL EXPENDITURES (1) ($ in millions) Fiscal 2026 Fiscal 2027 Q1 Q2 Q3 Q4 TOTAL Q1 Q2 Q3 Q4 TOTAL Capital Expenditures $ 8,502 $ 12,033 $ 18,635 $ 16,493 $ 55,663 $ 28,499 $ 28,499 Less: Other Short-Term Financing Cash Flow Related to Capital Expenditures (2) (1,958) 760 (1,469) (3,345) 830 830 (678) Less: Customer Prepayments with Significant Financing Component for Capital Expenditures (3) - - - (4,592) (11,363) (11,363) (4,592) Net Cash Outlay for Capital Expenditures $ 6,544 $ 12,793 $ 17,166 $ 11,223 $ 47,726 $ 17,966 $ 17,966 (1) To supplement our cash flow for capital expenditures presented in our statements of cash flows in accordance with GAAP, we provide net cash outlay for capital expenditures. Net cash outlay for capital expenditures is defined as capital expenditures, less (1) other short-term financing cash flow related to capital expenditures and (2) customer prepayments with significant financing component for capital expenditures. We believe this supplemental presentation of net cash outlay for capital expenditures is useful because it provides additional information about the cash requirement for funding of our capital expenditures and is used by management when forecasting expected capital expenditures. (2) Represents other short-term financing cash flows related to capital expenditures as reported in cash flows from financing activities in our statements of cash flows. We use third-party manufacturing partners to produce most of our cloud infrastructure assets and in some cases supply them with components purchased directly from suppliers. Certain of these arrangements result in a portion of the cash received from and paid to third-party manufacturers presented within financing activities in our statements of cash flows. (3) Represents customer prepayments with significant financing component as reported in cash flows from operating activities in our cash flow statements presented in accordance with GAAP. ORACLE CORPORATION Q1 FISCAL 2027 FINANCIAL RESULTS SUPPLEMENTAL ANALYSIS OF GAAP REVENUES (1) ($ in millions) Fiscal 2026 Fiscal 2027 Q1 Q2 Q3 Q4 TOTAL Q1 Q2 Q3 Q4 TOTAL REVENUES BY OFFERINGS Cloud $ 7,186 $ 7,977 $ 8,914 $ 9,913 $ 33,989 $ 11,607 $ 11,607 Software license 766 939 1,150 1,881 4,737 655 655 Software support 4,955 4,938 4,
[18] Oracle FY27Q1电话会全文转录：CapEx与RPO、无FCF转正日期
发布日期：2026-09-10
证据文件：/mnt/q/private/stock_site/data/batches/20260911/evidence/006_Oracle/q1_call_full.txt
We now expect around half of our RPO to convert into sales over the next 36 months. Next, not surprisingly, you can see the acceleration in our total company revenues, here shown on a trailing 12-month basis, driving growth in Q1 to five points higher than our Q4, as cloud infrastructure accelerates and becomes a larger and larger contributor. Lastly, our growth in operating income, also on a trailing 12-month basis, shows a similar strong acceleration from 16%- 21% between Q4 and Q1. Now to our balance sheet and cash flows. We drove record cash flow from operations of $23 billion in Q1, again reflecting our strong execution against a backdrop of strong demand, as well as collection of customer prepayments. Our CapEx for the quarter was $28 billion, leading to negative free cash flow of $5 billion. Our net cash CapEx, so net of prepayments, was $18 billion for the quarter. To note, our CapEx will not be linear throughout the year. We continue to anticipate $90 billion-$95 billion in CapEx for the full year, with not more than $70 billion in net cash CapEx. Lastly, we are quite pleased to announce that we completed our previously disclosed $20 billion at-the-market equity issuance in entirety during the Q1. With that, let me turn the call over to Mike and then Clay to get into more details on our cloud apps and infrastructure businesses. Mike Sicilia Co-CEO, Oracle Thanks, Hilary. I'll start with some additional color on the applications business. We continue to see the power of application suites in the minds of our customers. They are investing in trusted, complete solutions that now seamlessly blend agents and applications together to run their businesses. The introduction of AI is an accelerator, not a replacement, for packaged applications. As such, our decades of experience and expertise running
[19] CNBC提取片段：Q1预期收入与调整EPS（样本数未给）
发布日期：2026-09-10
证据文件：/mnt/q/private/stock_site/data/batches/20260911/evidence/006_Oracle/earnings_consensus.txt
**Earnings per share:** $1.92 adjusted vs. $1.74 expected * **Revenue:** $19.35 billion vs. $19.14 billion expected ... 31, according to a [statement](https://www.prnewswire.com/news-releases/oracle-announces-q1-results-driven-by-triple-digit-growth-in-cloud-infrastructure-revenues-302875728.html) .
[20] ORCL 2026-09-10常规收盘原始日线
发布日期：2026-09-10
证据文件：/mnt/q/private/stock_site/data/batches/20260911/market/ORCL-raw.json
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